The process for oxidizing olefins with various multi-component catalysts is known. Grasselli and Hardman, in U.S. Pat. No. 3,642,930 disclose that certain complex catalysts can be employed in the oxidation of olefins to obtain unsaturated aldehydes and acids. These catalysts indeed are very desirable for this oxidation reaction, but a continuous search has been made for other catalysts that would inprove the results obtained with these catalysts of Grasselli and Hardman. The present invention is a result of such a search.